Domestic
World Bank Chief Economist, Africa Region Albert Zeufack says there is need for the country to diversify its economy and not depend on copper which has shown depreciation in its value in recent years. Read more: ZNBC
Zambia should step up its implementation of austerity measures to rein in soaring debt and stabilise the economy, newly appointed finance minister Bwalya Ng’andu said on Tuesday. Read more: Reuters
IFC, a member of the World Bank Group, announced a ZMW200 million loan to Stanbic Bank Zambia, a wholly owned subsidiary of Standard Bank Group. The investment will help Stanbic Bank expand its lending to small and medium enterprises, with at least 25 percent of the loan earmarked for women-owned businesses in Zambia. Read more: Africa Business Communities
President Edgar Lungu has constituted a team to be led Kantanshi Constituency Member of Parliament Anthony Mumba to be part of the Konkola Copper Mines negotiating team for the sale of KCM. Read more: The Independent Observer
International
The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies. Read more: Reuters
Christine Lagarde has said she will step down as managing director of the International Monetary Fund (IMF). It comes ahead of a decision on her nomination to become head of the European Central Bank (ECB). Read more: BBC
Facebook said on Tuesday that Switzerland’s data protection agency will oversee data and privacy protections for its new cryptocurrency, Libra. But Facebook hasn’t reached out to the Swiss regulator, a spokesman for the agency told CNBC. Read more: CNBC
Ikea is shutting down its only furniture factory in the United States. The Swedish company will end production this December at its plant in Danville, Virginia. Operations will move to Europe, where the company says it can cut costs. Read more: CNN